In the wake of the financial crisis, government debt in the OECD area has increased massively on top of already high debt-GDP ratios prior to the crisis, by some 30% of GDP between 2007 and 2011 on average, rendering fiscal positions in many countries unsustainable.

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Public debt in the OECD area passed annual GDP in 2011 and is still rising. This paper was prepared for the Reserve Bank of India Second International Research Conference 2012: “Monetary Policy, Sovereign Debt and Financial Stability: The New Trilemma”, 1-2 February, 2012 in Mumbai, India

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Despite significant increases in spending on child care and education during the last decade, PISA scores suggest that educational performance remains static, uneven and strongly related to parents’ income and background.

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Over the past decades, top incomes have soared, especially in the English-speaking countries. Despite a considerable amount of research on top income developments, there is still substantial disagreement about the causes for their rapid increase.